Open to all SIPA with pre-req or concurrent-req: Macroeconomics. This course aims to provide a well-rounded understanding of financial development over time and across countries, with an emphasis on public policy. Topics include a review of the foundations and processes of financial development; the roles of markets, instruments, and institutions; issues related to systemic financial stability; links to financial repression and globalization; and the developmental and oversight roles of the state.

This short course will start with a brief overview of the post-crisis reforms and focus on the gap that macroprudential policy was meant to fill: the lack of a system-wide perspective on financial stability.

This course focuses on financial stability monitoring and evaluation as an essential discipline for macroeconomic, financial and prudential policymakers.  We begin by defining financial stability, examining the dynamic behavior of macroeconomic models with developed models of the financial sector, and considering conceptual frameworks for assessment of threats to financial stability.  From there, we identify key signatures of financial instability, how they can be measured and combined in a monitoring system, and how such measurement systems signal changes in the level of systemic

The extraordinary policy responses of global central banks to the 2023 banking turmoil, the COVID-19 pandemic, and the 2007-2009 financial crisis have fostered debate about both the appropriateness and the effectiveness of central bank actions.   This course will discuss the theory and practice of “unconventional” monetary policy tools – i.e., those used to address financial crises, widespread deflation, and deep recessions or depressions.  Examples in the course will be drawn from a broad array of crises, countries, and central banks in both the developed and emerging world

This course provides an introduction to the political economy of finance, trade, and international monetary policy, presenting both theoretical perspectives and more policy-oriented concerns.  The course requires no knowledge of formal economic models, but it does presume familiarity with basic concepts in open economy macroeconomics and finance. Students without this background may find several sections of the course very difficult. The course has three main sections.  The first examines the political economy of the global monetary system.  We begin

This course provides a practitioner’s perspective on how global capital markets operate, focusing on the instruments, institutions, and frameworks that channel capital to companies, households, and governments. Students will explore interest rate and FX swaps, derivatives, credit default swaps, asset-backed securities, and structured finance, alongside tools for interpreting yield curves and understanding credit markets. The course integrates current developments, including monetary policy, inflation trends, and systemic risk, with a close look at how financial actors respond.

Prerequisite: SIPA IA6200 Accounting. (Note: Based on their performance in SIPA IA6260 Accounting Fundamentals, IA6260 students may be allowed to register if space remains.) 

This course explores the intersection of financial risk management and public policy, focusing on the regulatory and institutional frameworks that have evolved since the global financial crisis. Students will learn to apply core risk management concepts—such as market, credit, counterparty, and liquidity risk—in assessing financial stability and regulatory policy. The course emphasizes intuition and applied techniques, using graphical and numerical methods rather than advanced math.

This course will outline the Global Payments System, both domestic and cross-border, emphasizing Large Value Transfers and the infrastructure of the global financial and monetary system.

This course explores the economics and politics of sovereign debt, focusing on the sustainability of public borrowing and the power dynamics shaping debt resolution processes. Students will analyze how debt decisions are made under uncertainty and examine the implications for domestic economies and the global financial system.

This course explores sovereign risk through the lens of credit rating agency methodologies, historical debt crises, and contemporary developments in sovereign debt markets. Students will examine the interplay of fiscal, institutional, political, financial, and geopolitical dynamics that shape sovereign creditworthiness. Students will gain fluency in rating criteria, peer comparisons, and debt sustainability analyses, with a focus on Moody’s sovereign bond rating methodology. The course culminates in a mock credit rating committee exercise.

This course offers students a strategic and applied framework for understanding the global financial services industry, spanning commercial and investment banking, asset and wealth management, central banking, and financial regulation. Students will examine the sector’s evolution, current challenges, and future direction. Topics include risk management, regulatory change, financial technology, global competitive positioning, and the strategic dilemmas faced by CEOs in a post-2008 financial landscape.

This course examines the theory, design, and implementation of financial regulation. Students will explore the rationale for regulatory oversight in financial systems, focusing on the challenges of liquidity and solvency risk, information asymmetries, market failures, and systemic vulnerabilities. The course considers both regulation, meaning rules grounded in law, and supervision, referring to oversight practices that enforce those rules.

This advanced course equips students with foundational knowledge in portfolio management, with a particular emphasis on the intersection of investment theory and public policy. Students will explore core concepts from Modern Portfolio Theory (MPT) and evaluate its practical limitations and real-world applications. Topics include asset allocation, portfolio construction, risk metrics, factor investing, ESG integration, and key performance indicators such as Sharpe and Sortino ratios.

This seminar examines the evolution of global monetary policy from 2000 to the present, focusing on the actions and strategies of the Federal Reserve, the European Central Bank, and the Bank of England. Students study the major economic disruptions of the era, including the Global Financial Crisis, the Eurozone sovereign debt crisis, the COVID-19 pandemic, and the recent surge and subsequent decline in global inflation. The course analyzes how central banks operated under constraints such as the effective lower bound and explores the adoption of unconventional monetary tools.

This course explores the benefits and risks of international financial flows, with a focus on the economic stability of emerging markets and non-major developed economies. Students will examine the drivers and implications of cross-border liability flows, consider the perspectives of local and global policymakers, and analyze how capital movements shape national debt dynamics and financial resilience.

This seminar will focus on key topics in international finance and monetary theory, with particular attention to the relationship between monetary policy and financial markets. Central banks play a significant role in shaping global financial markets, but financial markets can, in turn, influence central banks and monetary policy. Understanding the feedback effects between the two is essential for both market participants and policymakers.

A seminar on the contemporary history and practice of economic statecraft. The course focuses on how the United States and other countries weaponize economic, financial, and technological interdependence to advance strategic objectives. Topics include economic sanctions and restrictions on trade and investment. Case studies include efforts to use economic statecraft to curb Iran’s nuclear program, counter Russia’s aggression in Ukraine, and check China’s drive for technological supremacy.

This course examines the evolution of capital markets in emerging economies and the forces shaping their current and future trajectories. Through a combination of case studies, financial theory, and practitioner insights, students will explore sovereign defaults, financial crises, policy responses, and structural reforms across Latin America, Asia, and beyond. Key topics include the influence of global liquidity cycles, the rise of China, ESG investment trends, and the implications of new technologies such as generative AI.

This course introduces cybersecurity as a business risk, emphasizing its impact beyond IT and into areas such as regulation, governance, finance, and reputation. Students explore core concepts in cybersecurity, risk management frameworks, and the evolving threat landscape. The course examines how leading organizations assess, quantify, and address cyber risk through strategies such as risk mitigation, transfer, and resilience. Topics include incident response, supply chain vulnerabilities, regulatory compliance, critical infrastructure, and cyber conflict.

This course provides students with a comprehensive understanding of the global financial system through the lens of sustainable development. Rather than focusing on ESG or impact investing, the course examines the structures, incentives, and decision-making processes of key financial actors, including public finance institutions, development banks, asset owners, central banks, and private capital markets, and how they can be mobilized to support the goals of sustainable development.

This course explores how Environmental, Social, and Governance (ESG) objectives and data are integrated into investment decision-making. Through a combination of academic theory, real-world case studies, and hands-on exercises, students examine how ESG considerations affect risk, return, and portfolio design. Key topics include ESG portfolio theory, impact investing, fixed income and labeled bonds, engagement and proxy voting, and climate-aware investing.

This course provides an introduction to the political economy of finance, trade, and international monetary policy, presenting both theoretical perspectives and more policy-oriented concerns.  The course requires no knowledge of formal economic models, but it does presume familiarity with basic concepts in open economy macroeconomics and finance. Students without this background may find several sections of the course very difficult. The course has three main sections.  The first examines the political economy of the global monetary system.  We begin

This course provides a practitioner’s perspective on how global capital markets operate, focusing on the instruments, institutions, and frameworks that channel capital to companies, households, and governments. Students will explore interest rate and FX swaps, derivatives, credit default swaps, asset-backed securities, and structured finance, alongside tools for interpreting yield curves and understanding credit markets. The course integrates current developments, including monetary policy, inflation trends, and systemic risk, with a close look at how financial actors respond.

This course explores both the theory and policy of international trade. In the first half, students will learn why countries trade, what determines trade patterns, and how trade affects prices, welfare, and income distribution. Key models covered include the Ricardian, Specific Factors, and Heckscher-Ohlin models, along with extensions on migration and offshoring. In the second half, the course focuses on trade policy instruments such as tariffs, quotas, and subsidies, examining their effects under different market structures.

This course introduces the major theoretical approaches and substantive issues in international political economy (IPE). Students will explore realist, liberal, and critical perspectives while engaging with topics such as trade, finance, monetary systems, sovereign debt, economic crises, and development. Through close examination of historical and contemporary case studies, the course considers the interplay of power, institutions, and markets in shaping global economic outcomes.

The course has two broad objectives: 1) to explore how economics can be used to understand various facets of development and 2) to provide tools and skills useful in policy work. In the course, we will describe the basic facts surrounding the development process and use economic theory to make sense of these facts and to identify gaps in our understanding. We will also learn about the tools that development economists use to fill in those gaps. These will include analyzing real-world data and thinking in terms of causality and its relevance for policy.

This course will provide students with a framework for historical and current debates on development. It will offer students a basic understanding of what constitutes “development” (ends) and how to promote it (means). The initial lecture presents the broad issue of development trends and the multidisciplinary approach, as seen today through the Sustainable Development Goals adopted by the United Nations in 2015. The subsequent classes then look at classical and contemporary theories of economic development.

Pre-requisites: A calculus-based micro-economics course (SIPA IA6400) or equivalent. This is an advanced course in development economics, designed for SIPA students interested in rigorous, applied training. Coursework includes extensive empirical exercises, requiring programming in Stata. The treatment of theoretical models presumes knowledge of calculus.

This course provides students with a comprehensive understanding of the global financial system through the lens of sustainable development. Rather than focusing on ESG or impact investing, the course examines the structures, incentives, and decision-making processes of key financial actors, including public finance institutions, development banks, asset owners, central banks, and private capital markets, and how they can be mobilized to support the goals of sustainable development.

Corruption undermines governance, saps resources and undermines development.  It is also exceptionally difficult to identify, address, and resolve due to the intrinsic opacity of its operative mechanisms, endemic nature inside systems, and persistence.

This course will teach:

This course aims at familiarizing students with major issues surrounding global economic governance, exploring both the issues that have been or are now subject to current debates, as well as the institutional questions involved.

The objective of this course is to learn and apply practical approaches to leveraging business innovation to spur socially and environmentally sustainable development, based on an understanding of the role of enterprises—especially small and growing businesses (SBGs)—in emerging markets and developing economies (EMDEs).

This course aims at familiarizing students with historical and contemporary debates on Latin American economic development and its social effects. The focus of the course is comparative in perspective. Most of the readings deal, therefore, with Latin America as a region, not with individual countries.

This course examines the relationship between human well-being and the natural environment through the lens of economics and policy analysis. Students will explore the causes and consequences of environmental degradation, the behaviors that drive it, and the policy tools available to address it. The course introduces a conceptual framework grounded in economics, while drawing from environmental science, ethics, political science, law, and game theory to address questions of efficiency, equity, incidence, and institutional design.

Existing energy sources and the infrastructures that deliver them are undergoing a period of rapid change. Limits to growth, fluctuating raw material prices, and the emergence of new technologies contribute to heightened risk and opportunity in the energy sector. This course aims to establish a core energy skill set for students and prepare them for more advanced coursework by introducing a foundational language and toolset for analyzing energy issues.

The course provides an overview of different ways of conceptualizing the relationship between politics, environmental change, and economic processes. While it embeds these paradigms in a history of the growth of capitalism, the inter-state system, and scientific progress, it concentrates on the global environment of the 20th and 21st-century world, with particular attention to developing countries and their dilemmas.

Pre-req: Microeconomics. This course is an introduction to the economics of energy markets. We will study the main sources of inefficiencies in energy markets—market power and externalities—and their implications for policymaking. We will cover, for example, how oil and natural gas prices are determined globally, deregulation and market power in electricity markets, and policy responses such as carbon permit trading.

This course explores how Environmental, Social, and Governance (ESG) and climate considerations are reshaping public market investment strategies. Students will learn how institutional investors use ESG signals and climate-related data to assess risk, identify opportunity, and support real-world outcomes—all while meeting fiduciary obligations.

This course introduces students to the structure and strategy of international project finance in the energy sector, with emphasis on projects central to the global energy transition and LNG market expansion. Through real-world case studies and hands-on modeling exercises, students will analyze project risks, develop risk ratings, and assess cashflows to determine equity returns and lender credit metrics.

This course explores the financing structures that underpin the development and transformation of global energy and power markets. Students will examine how asset-based, project, and tax-driven financing mechanisms have evolved to meet the growing demands for conventional and clean energy, and how these tools can be leveraged to support the transition to a low-carbon economy. Through case studies and lectures, the course introduces the financial, regulatory, and policy frameworks that shape energy markets, with an emphasis on U.S. practices and instruments.

This course provides a rigorous introduction to renewable energy project finance modeling, focusing on the concepts, structures, and financial mechanisms that underpin investment in renewable energy projects such as wind and solar. Through lectures, demonstrations, and guided analysis of actual project documents and contracts, students will develop a comprehensive understanding of the key drivers of renewable energy economics and financing.

This course examines the evolution and future of electricity markets worldwide in the context of liberalization, decarbonization, and technological change. As clean energy costs decline and electrification accelerates, the power sector faces increasing pressure to deliver reliable, affordable, and low-emission electricity.

This course examines the pathways, technologies, and policies for transitioning energy systems from fossil fuels to low-carbon alternatives. Energy systems underpin modern economies and human well-being but remain the primary driver of climate change. The course introduces the scientific, economic, and political foundations of energy decarbonization and surveys the barriers to reducing emissions across major sectors, including power, transportation, buildings, and industry.

Geopolitics is complicating the already difficult task of moving from a carbon-intensive energy system to one of net-zero emissions. Today’s geopolitical tensions risk slowing the pace of the urgently needed clean energy transition, while some dynamics within the transition itself are exacerbating existing geopolitical challenges. Competition between great powers—a defining feature of the emerging global order—now threatens progress through trade disputes and national security concerns. The uneven global transition is also deepening divides between developed and developing countries.

Despite growing pressure to decarbonize, oil and natural gas continue to shape global power and politics. This course examines how energy markets drive foreign policy, economic security, and international conflict. Students will explore the central role of oil and gas in geopolitical relations, from OPEC+ and the petrodollar to the wars in Ukraine and the Middle East.

This course examines the relationship between energy production, human development, and sustainability. It explores how energy projects, businesses, and policies—collectively referred to as “energy enterprises”—operate in frontier markets and developing countries. Students will analyze how energy access and use intersect with critical issues such as poverty, gender, health, displacement, and environmental justice.

The transition to a net-zero economy is of particular relevance to Emerging and Developing economies, which are both the most vulnerable to climate change and also the largest emitters of greenhouse gases.

The transition is creating considerable challenges but also opening up significant opportunities: over $200 trillion of investments will be needed in order to ensure that global temperatures stay well below 2°C above pre-industrial levels, with most to be invested in the infrastructure sector of emerging and developing economies.

This intensive short course explores the financing, development, and policy landscape of energy and infrastructure projects. Students will examine how partnerships are structured to allocate risk, how capital is raised and deployed across project stages, and how political and regulatory environments shape investment decisions. Through real-world case studies, from carbon pipelines and LNG terminals to rail and airport concessions—students will analyze evolving infrastructure models and evaluate the roles of private, public, and multilateral actors.